In this paper, we propose a new Generic Model Partitioning (GMP) algorithm for hierarchical, modular Discrete Event System Specification (DEVS) models. The GMP algorithm decomposes a given hierarchical model into a set of partition blocks and provides reasonable solutions for distinct partitioning problems based on a cost analysis methodology. The proposed algorithm minimizes model decomposition during the partitioning process and guarantees incremental quality of partitioning (QoP) improvements until a best partitioning is attained. Since a cost measure is a parametric method, subject to certain axioms, the proposed algorithm is generic and applicable any family of models provided there is a way to manipulate the appropriate cost information. An application to partial differential equation simulation using activity as the cost measure is discussed.